Construction of the Premier gold project, in the prolific Golden Triangle of north-western British Columbia, is nearing completion and early commissioning is now under way.
First ore delivery to the mill is expected by the end of March and the first gold pour is anticipated in April.
Ascot Resources president and CEO Derek White reported that the recently closed $50-million financing package with Srott Streaming and Nebari Credit Fund II would be sufficient to progress from construction to first gold pour, ramp-up commercial production and steady-state operations.
Capital costs, including mining costs, incurred as of December 31, 2023, were C$292-million. The remaining project construction capital required to achieve first told pour is about C$47-million.
The total project capital cost will thus come to C$339-million, which is slightly higher than the most recent total project budget of C$334-million reported in the third quarter.
Regarding recruitment efforts, Ascot reported that many qualified candidates continued to apply for open positions. In January, Ascot representatives attended a recruitment fair in Campbell River, after it was announced that the Myra Falls underground mine and mill will be placed on care and maintenance. During the job fair, Ascot conducted 200 in person and virtual interviews and it has since been able to fill many open positions for skilled trades and operators.
Key senior level roles recently filled include operations manager, a second mine superintendent, a senior mining engineer, maintenance superintendent, maintenance general foreman, mill operations general foreman and a number of supervisors.
“With the gold price still trading near $2 000/oz, this is an opportune time for us to become Canada’s next gold producer,” said White.